Rajasthan Realtors not Filing Quarterly Progress Reports

Many realtors in the state are not adhering to the Rajasthan Real Estate Regulatory Authority (RERA) mandatory norm of filing online quarterly progress report (QRPS) of their registered projects.

According to mandatory provisions, a promoter must upload updates on the RERA website for the project at the end of each quarter on apartments/flats, status update of each building, floor, internal infrastructure, and common areas construction. Other details including information on approvals, bank account details, revision in plans, licence issues, permits or approvals for the projects also must be displayed in public forum. The body (RERA- Raj) had launched online facility for submission of QPR of registered projects. However, the rule is violated by the developers. A source in RERA said cases came to fore where developers had not submitted QRP for two years. After the non-submission of QPRs since June 2020 to March 2022, a notice under Section 11 (1) (e) of Real Estate (Regulation and Development) Act, 2016 was issued against the one promoter on July 11, 2022, but neither required QPRs was uploaded on web portal of the authority nor any response in this regard was made available to the Authority.

“QRP is a transparent procedure, which also keeps investors of the project informed and tells the financial health of the developers. However, if it is not uploaded on time, it certainly makes buyers anxious,” said a source. The Maharashtra Real Estate Regulatory Authority (MahaRera) recently made it mandatory for developers to upload a self-declaration form containing details of their projects across the country along with information that includes if any project has been shelved and if any warrant has been issued by Rera that buyers can access. Source said, “Same directions should be issued here in Rajasthan. But instead, of taking progressing steps, RERA – Raj has failed to take stringent action against developers to safeguard the buyers’ rights. Builders in the state are fearless,” a source added.

Source: https://timesofindia.indiatimes.com/city/jaipur/rajasthan-realtors-not-filing-quarterly-progress-reports/articleshow/99897549.cms